Focus Areas

We recognise our responsibility to help protect the environment and support the transitions towards a low-carbon economy. We seek to do so in two main ways:

Managing our emissions: Minimise the negative environmental impact of our operations, with a particular focus on reducing greenhouse gas emissions. Our target is to be carbon neutral across both Scope 1 and Scope 2 emissions by the end of 2026. The Group’s strategy focuses on:

a) reducing the emissions of our own operations; and
b) ensuring the resilience of our business against the backdrop of climate change.

Supporting our clients: Apply our unique capabilities and strengths – our capacity to connect clients to liquidity and data solutions – to help them advance their transition journeys and meet their sustainability objectives.

Scope 1 and 2 – Target and Roadmap

To help meet the Net Zero ambition set by the UK government, our absolute emissions target is to be carbon neutral across both Scope 1 and Scope 2 emissions by the end of 2026.

On Scope 1 and 2, we continue to make progress with emissions reducing 21% in the year. The primary reason for the reduction was a decrease in the number of office locations and data centres, principally because of our ongoing property rationalisation programme, including the Liquidnet integration.

Turning to the roadmap between now and the end of 2026, the main elements are expected to be, a) continued property rationalisation where possible, b) energy efficiency, including working with our landlords and, c) the purchase as retirement of renewable energy certificates (‘RECs’) and purchase of carbon offsets.

Scope 3

In 2022, we reduced our total emissions for the Group globally, covering Scopes 1, 2 and 3, by 4% to 58,177 tonnes CO2e.

This year we worked to establish an indicative Scope 3 emission 2021 baseline for Purchased Goods & Services. This was based on an assessment of our top c.30 suppliers, which account for c.45% of our total annual spend. The balance of our annual spend is spread across a long tail of smaller suppliers.

We have engaged these core suppliers by issuing questionnaires to gather their relevant data and action plans for addressing Scope 3 emissions. 41% of all suppliers responded. This response rate increased to 70% when focusing on our top 10 suppliers. Our independent advisors, Anthesis, used this to calculate an indicative Scope 3 emissions 2021 baseline.

The Scope 3 emissions 2021 baseline is indicative only. Our core suppliers are at different stages of their reporting journeys, and we have not engaged the entirety of our supply chain. We will continue to engage with them to, a) purse a better-quality Scope 3 emissions baseline and, b) develop a deeper understanding of their plans to address their emissions. We note, however, that seven of our top ten suppliers (accounting for c.24% of all our estimated Scope 3 emissions) have published commitments to be net zero on their Scope 3 emissions by 2050. Against this backdrop, we have no plans to set a Scope 3 emissions reduction target at this time, and will continue to engage with our key suppliers about their net zero plans.

TCFD Disclosure

TP ICAP is committed to continued adoption and alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (‘TCFD’).

In 2022, we made changes to our governance processes and risk management framework to integrate climate change in line with the TCFD recommendations. Details are published in our 2022 TCFD disclosure.

Supporting clients with the low-carbon transition

As the world turns from carbon-intensive practices to more sustainable alternatives, we believe the best way we can support this shift is through delivering on our purpose and accompanying our clients on their transition journeys.

We will achieve this by leveraging TP ICAP’s core strengths to develop and deliver the liquidity and data solutions necessary to equip market participants to advance their sustainability goals.

How we disclose and report on progress

TP ICAP is committed to disclosing and reporting all relevant data and information related to our own ESG performance.